Real estate information exchange process and system

ABSTRACT

A system and process includes a computer that is operatively connected to an area network, such as to the Internet. A database of MLS properties that are for sale is maintained that is accessible to the computer. Real estate agents must subscribe in order to use the system and are then included in the database. Clients may be either prospective buyers or sellers of the MLS properties. Each client is required to complete a client commitment form whereby the client elects to have a currently subscribing real estate agent represent them before they are allowed access to the information and services provided. Current client files are also included in the database. Real estate agents are given the full functionality that is offered to the clients in that they may view any of the client&#39;s files and activities and they are also allowed to post upcoming MLS properties that are to be offered for sale and to FAX property defects that are made available only to other real estate agents. Agents are also able to view the activity of any of their own listings.

BACKGROUND OF THE INVENTION

1. Field of the Invention

The present invention, in general relates to methods and systems for theexchange of specific information from one real estate agent to anotherand from an agent to a client and, more particularly, to methods andsystems that provide this information over the Internet.

Currently, some real estate agents and brokers spend a great deal oftime and money in maintaining a presence on the Internet of the typethat allows for the exchange of information from agent to client. Havingsuch capabilities, the agent may be able to send to the client a limitedamount of information concerning select properties offered for salethrough the Multiple Listing Service (hereinafter “MLS”).

However, these “agent-run” types of systems are limited in that they donot provide any mechanism that can make available for other agents in agiven area any information concerning new properties (not yet appearingon the MLS). Agents would like to immediately know as much about suchupcoming MLS properties as possible and then to be able to provide theirselected clients with that information so that these selected clientscan respond (i.e., make an offer to purchase or preview the property,for example) in a much more timely manner than is possible at present.

There are also a great many needs for both real estate agents andclients that are not presently being satisfied. This is partly due tothe tendency that agents may have to keep certain information secret foras long as possible. For example, agents may refrain from disseminatinginformation concerning upcoming MLS properties. There is insufficientincentive, at present, for them to do so.

The term “clients” as used herein, refers to those people (or businessentities) who wish either to buy or to sell real property. Buyers andsellers each have their own unique needs and no existing real estatesystem well serves the combined needs of buyers, sellers, and agents.

Ideally, if such a system were available, agents would be spared frominvesting an excess of time, energy, and financial resources intobuilding and maintaining what is a modest Internet presence, at best.Instead, they would be better able to focus their energies on that whichthey do best, the listing and selling of homes.

Agents would be able to subscribe to such a service, if it wereavailable. The service, in turn, would then provide an effective toolfor both the agent and their clients to use.

While MLS property information is important to make available toclients, it is also desirable to restrict its access from the generalpublic. MLS information is either proprietary or confidential in nature.Sellers would certainly resist listing their property in an MLS type ofan environment if they knew that this information would be distributedfreely to the general population.

There are many information fields involving the selling of a home thatshould remain proprietary or confidential. Sellers, for example, wouldnot want to be approached by idle curiosity seekers or from the almostinnumerable vendors who would approach them if this information wereavailable to the public, at large. Moving companies, charitableorganizations, and other businesses would approach them in the hope ofsoliciting business.

Perhaps some people having unethical motives would even use MLSinformation to their wrongful advantage. A burglar, for example, couldpossibly learn which homes were vacant and for what periods of time.

Clearly, certain types of MLS information must not be released tounauthorized persons. In general, all types of MLS information shouldnot be released except to selected persons who first qualify to receivethat information.

No such automated type of a system presently exists for first qualifyinga client and then providing a qualified client with access to selectedMLS information fields.

The necessary criteria for qualifying a client to receive MLSinformation is satisfied by first establishing a relationship between areal estate agent and the client. In typical face-to-face or extensivephone conversational types of real estate encounters, establishing thistype of a relationship is considered to the be the minimum criteria forreceiving such types of privileged MLS access. The establishment of acommitted type of a relationship is, therefore, required to occur firstbefore access to such an automated type of a system, having access toselect MLS data, is made available to the client.

As such, a screening process will have occurred whereby the selected MLSdata is provided only to those people who are earnest enough to firstestablish a client relationship with an agent (or broker). As such,these types of people may truly be referred to, after having firstestablished such a relationship, as “clients”. The act of firstestablishing a committed relationship with a particular agent welldemonstrates their intention to be a client of one form or another.

As mentioned hereinabove, it is further necessary to restrict theviewing of certain fields of information from the general public. Forexample, a prospective buyer may not be permitted to view certain MLSfields of information that are considered proprietary and which areshared by the seller with the real estate agent. If it is laterappropriate for the agent to provide a prospective buyer with thisinformation, the agent may then personally do so after first havingobtained the approval of the seller, either directly or inferentially.

An agent's time is also quite limited. There are also numerous relatedquestions that an agent must answer and services that an agent mustprovide in order to satisfy both buyers and sellers. These factorsintrude upon the agent's available time for important face to facecontacts with his or her clients. It is desirable to automate theavailability of this type of information so as to lessen the burden onthe agent while making this information available in an especiallytimely manner to their clients.

Such a feature that would lessen the burden of an agent would, in turn,encourage agents to use (i.e., subscribe to) such a system. The moreagents that use such as system would, of necessity, share informationwith the system and this would, in turn, make the system moreinformative to other agents. Accordingly, the value of such a systemwould increase in proportion to the number of agents who use it.Therefore, it is important that the system be of value to agents in theperformance of their duties.

A number of other real estate needs exist as well. For example, it wouldbe advantageous if agents and clients were able to view, on ageographical basis, a graph that showed the percentage of homes inescrow as compared with the number that are generally available forsale. Such a graph would indicate the type of market for a particulararea, namely if it was a buyer's or a seller's market and it would beuseful in both pricing properties and in helping to make a decisionwhether to purchase a property at a particular price or, conversely,whether or not to sell it at a particular price in view of these currentmarket conditions.

Furthermore, review of changes occurring with such a type of a graphcould be used to provide a timely indication of changes that areoccurring in market conditions. The subscribers and users of such aservice would be able to detect a change from one market conditionshifting toward another market condition and this shift, itself, couldinfluence their buying or selling decisions.

Similarly, an activity report that compiles and informs the listingagent of activity appertaining to a property the listing agent has forsale by other agents, and which compares this level of activity to otherproperties that are also for sale, would provide novel and usefulinformation to the listing agent as well as save time.

Furthermore, if this information were provided by the listing agent tohis client, the seller, the listing agent would not have to personallyanswer a myriad of questions regarding these types of activity.

The ability of a buyer-client (i.e., a prospective buyer) to view selectcomparable properties that are posted to a listing by the listing agentis useful in persuading the prospective buyer that the asking price isreasonable.

The ability of a buyer-client to track preferred (i.e., favorite)properties and to timely receive updates, for example, that would showif the price has been lowered or if the property has gone into or fallenout of escrow would also be of great value.

The ability of an agent to view the favorite properties file of hisbuyer-clients would be useful in that it would allow the agent tocompare the stated needs of his client with the apparent preferencesdemonstrated by the client. The agent would therefore be better able toserve his client, either by showing properties that are more akin to thefavorite properties of his client, or by engaging in further dialoguewith the client so as to better determine the client's true needs anddesires.

The ability of the agent to view the most recent properties that aclient has been viewing is similarly valuable.

An ability of the agent to search upcoming listings is useful becausethe agent can then elect to pass on specific upcoming listinginformation to his select clients in a most timely manner. The client,in turn, would feel especially well-served by this level of“personalized” service.

An ability for a listing agent to FAX to the system a disclosure ofproperty defects and other documents that was available only to otheragents makes this information readily available to other agents whowould share it only with their selected prospective buyer clients. Thiswould preserve the secrecy of this information from unwarranted parties,yet make it available to prospective buyers. Accordingly, a method tobetter comply with the law would be provided.

An ability to provide a “Client Commitment” form to both prospectivebuyers and sellers upon initial log-on is useful in establishing fromthe onset clear agent-client relationships as a prerequisite for theclient in obtaining access to view select and valuable MLS informationfields.

Accordingly, there exists today a need for a real estate informationexchange process and system that has a data base accessible over theInternet (or an Intranet) to permit the exchange of such types of timelyinformation between real estate agents and their clients that includescurrent MLS information and which also allows agents to exchangeproprietary information amongst themselves that may then be selectivelyshared with certain of their clients.

Clearly, such a process and system would be especially useful anddesirable.

2. Description of Prior Art

Real estate Internet based systems are, in general, known. These typesof systems are limited in that they provide only an agent to clientrelationship. They burden the agent and do not permit agents to exchangeproprietary information amongst themselves.

While the structural arrangements of the above described systems, atfirst appearance, may have similarities with the present invention, theydiffer in material respects. These differences, which will be describedin more detail hereinafter, are essential for the effective use of theinvention and which admit of the advantages that are not available withthe prior processes or systems.

OBJECTS AND SUMMARY OF THE INVENTION

It is an object of the present invention to provide a real estateinformation exchange process and system that includes a data baseaccessible over the Internet or an Intranet that allows exchange ofinformation between agent to agent and also between agent to client.

It is also an important object of the invention to provide a real estateinformation exchange process and system that can provide a graph of apredetermined geographical area, such as a city or county, of thepercentage of listings that in escrow as compared with the total numberof homes that are for sale.

Another object of the invention is to provide a real estate informationexchange process and system that can provide an activity report thatinforms the listing agent of the amount as well as the source ofactivity regarding the names of other agents who have looked at thelisting agent's property, as well as the names of those agents who haveclients that have looked at the property, and to compare that level ofactivity with that of comparable homes that are for sale.

Still another object of the invention is to provide a real estateinformation exchange process and system that can allow a client to viewselected comparable properties that are posted to a listing by thelisting agent.

Still yet another object of the invention is to provide a real estateinformation exchange process and system that can allow a client to saveand to track favorite properties and to receive timely updates regardinga change in status (i.e., price changes, going into or out of escrow) ofthose properties.

Yet another important object of the invention is to provide a realestate information exchange process and system that can allow an agentto view the favorite properties file of his clients.

Still yet another important object of the invention is to provide a realestate information exchange process and system that can allow an agentto view the most recent homes that have been accessed by his client.

Still yet another useful object of the invention is to provide a realestate information exchange process and system that can notify the agentby email or other means whenever his or her client(s) access the system.

One further important object of the invention is to provide a realestate information exchange process and system that can allow an agentto perform a search of upcoming listings while preventing the clientfrom accessing this information (unless it is provided to the client bythe agent).

One still further important object of the invention is to provide a realestate information exchange-process and system that can allow a listingagent to FAX to the system a disclosure of property defects or otherrelevant documents that can be viewed directly only by other agents.

Still one more important object of the invention is to provide a realestate information exchange process and system that can provide aclient-commitment form whereby a client, either a buyer or a seller,must first establish a relationship with a “registered” real estateagent (i.e., one who is authorized to access the system) prior to theclient being provided with access to information that is compiled by thesystem.

One remaining object of the invention is to provide a real estateinformation exchange process and system that offers it features for useby agents on a subscription basis (i.e., for payment of a fee).

One remaining important object of the invention is to provide a realestate information exchange process and system that can provide agentswith timely information regarding the availability of upcomingproperties not yet on MLS.

One remaining especially important object of the invention is to providea real estate information exchange process and system that can expeditethe dissemination of MLS information amongst real estate agents andtheir clients.

Still yet one more important object of the invention is to provide areal estate information exchange process and system that requires theestablishment of a client-agent relationship before access to selectinformation fields is provided to the client.

Still one more additional important object of the invention is toprovide a real estate information exchange process and system that canprovide the agent or client with email or other alerts when a propertymeeting their saved criteria or a change in status of their trackedfavorite properties occurs.

Briefly, a real estate information exchange process and system apparatusthat is constructed in accordance with the principles of the presentinvention has an on-line data base accessible by subscription over theInternet (or an Intranet) that is periodically updated with current MLSlisting information as well as with current information as to which realestate agents are authorized to use the system. After a client haslogged on and satisfied the requirement of selecting an authorizedagent, the client is provided access to selected information fields andservices. The fields and services will vary depending upon whether theclient is a buyer or a seller. After an authorized agent has logged on,the agent is provided with access to selected information fields andservices as are deemed appropriate. After an authorized listing agenthas logged on, the listing agent is provided with the most comprehensiveaccess to system fields and services and can update or change selectedinformation fields in the data base.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a block diagrammatic view of a real estate informationexchange process and system for use over the Internet or an Intranet.

FIG. 2 is a flowchart of the overall application.

FIG. 3 is a flowchart of any page frame.

FIG. 4 is a flowchart of the home page and login procedure.

FIG. 5 is a flowchart of buyer or seller registration into the system.

FIG. 6 is a flowchart of agent registration into the system.

FIG. 7 is a flowchart of the features that are available to buyers andsellers.

FIG. 8 is a flowchart of a search routine of the system.

FIG. 9 is a flowchart of the favorite properties file of prospectivebuyers.

FIG. 10 is a flowchart of the details of a given property, includingsystem features that are available.

FIG. 11 is a flowchart of the search engine of the system.

FIG. 12 is a flowchart of new matches obtained by the system.

FIG. 13 is a flowchart of the features that are available to agents.

FIG. 14 is a flowchart of the listing reports that are available toagents.

FIG. 15 is a flowchart of the procedure for submitting by facsimilereports and disclosures (of defects) that appertain to a property.

FIG. 16 is a flowchart of how an agent can post upcoming MLS listings tothe system database.

FIG. 17 is a flowchart of the client features provided to agents by thesystem.

DETAILED DESCRIPTION OF THE INVENTION

Referring on occasion to all of the drawings and in particular now toFIG. 1 is shown, a real estate information exchange process and system,identified in general by the reference numeral 10.

An area network 12 preferably includes the Internet. It may also includea Local Area Network, (LAN), sometimes also known as an “Intranet”.

Only a small portion of the Internet network 12 is shown and isexpandable, as desired.

A computer 14 is a “server” that is electronically connected to theInternet network 12 and can readily communicate with other computers andperipheral devices (not shown) that are also connected to the network12, as are well known in the arts.

The computer (server) 14 includes access to a database 16 which itupdates (maintains) as it receives new, relevant information that istransmitted over the network 12.

A number of users are shown connected to the network 12. A listing agent18, an authorized agent 20, a prospective seller 22 type of a client anda prospective buyer type of a client 24 are shown engaged in two-waycommunications with the computer 14 over the network 12 and having,ultimately, access to certain of the information fields (i.e., files)that are stored in the database 16 or which are compiled by the system10 during its operation.

Any number of these types of users 18-24 may similarly have access tothe system 10.

Normally, the listing agent 18 and the authorized agent 20 will pay asubscription fee (on a monthly or other basis) in order to access thesystem and be listed on a “register” of authorized agents in the database 16.

Clearly, the greater the number of agents that are willing to subscribe,the more profitable will be the system 10.

Other types of users, for example data entry, computer system analysts,and other types of software specialists (not shown) may also be“on-line” connected with the computer 14 and they may, as is well knownin the computer arts, have specialized access capabilities as needed toenter data and to service the system 10 not specifically describedherein.

Referring in particular now to FIG. 2, an application flowchart 28 isshown that governs overall system operation for any given activity thatis occurring.

A page frame flowchart 29 is shown in FIG. 3 that provides greaterdetail of the system 10 features and operation.

In particular issues of privacy 29 a and membership agreement 29information are included in these subroutines.

Referring in particular now to FIG. 4, a home page flowchart identifiedin general by the reference numeral 30 is shown, that details operationfor the home page and for login.

It is noted that all of the various flowcharts are included for generalinformation purposes sufficient to provide an enabling disclosure to oneskilled in the computer programming and system arts, but are notnecessarily discussed in detail unless it is to illustrate a particularfeature of the system 10.

A review of the flowcharts will show one way in which the variousfeatures and capabilities of the system 10 are implemented. Obviously,other ways will become known to those having ordinary skill in theprogramming arts after having first benefited from the disclosureherein.

During login, the agent 20 may view an “agent demo” subroutine 32 as maythe buyer 24 or the seller 22 view a “buyer/seller demo” subroutine 34.

Qualified agents may subscribe to the system 10 by electing and byproperly completing the “screens” as provided by an agent registrationsubroutine 36. A “qualified” agent is described as a verified member ofthe MLS serving the local real estate market. The buyer 24 or the seller22 may similarly gain access to the system 10 by electing and byproperly completing the screens and agreements associated with abuyer/seller subroutine 38.

If the buyer 24, the seller 22, the agent 20, or the listing agent 18have already logged onto the system 10 and merely wish to gain access,then the logic path would take them through a series of loginsubroutines, identified in general by the reference numeral 40.

The login subroutines 40 would authenticate the login procedureincluding verification of the password and, if required, of providingpassword assistance as well as in determining if the login is by anagent or a client (i.e., the buyer 24 or the seller 22). Different logicpaths are, accordingly, provided.

If the user is either the buyer 24 or the seller 22 and does not have anagent (i.e., has not completed a commitment form on-line), the interim“no agent” message 42 is indicated and the buyer 24 or the seller 22 isguided through the registration process in which the buyer 24 or theseller 22 selects an agent and commits to work with that agent.

This is detailed in a “buyer/seller registration” flowchart 50 as shownin FIG. 5. Issues of whether or not the agent 20, 18 is a subscriber(i.e., whether or not he or she is in fact authorized to use the system10) are addressed in various subroutines. The buyer 24 and the seller 22are, accordingly, guided through the agent selection and commitmentprocess.

In particular, the buyer 24 or the seller 22 must commit to work with aparticular agent by completing a registration form 52 on line in whichthey select an agent to work with. The selection of an agent can bedelayed, however the buyer 24 or the seller will not be provided withaccess to all of the features of the system 10 that would otherwise beavailable to them had they selected an agent.

Although the buyer or seller typically know their agent in advance, thedatabase 16 includes lists of all available agents from which the buyer24 and the seller 22 may peruse and select an agent to work with. Thisis accomplished by completing the registration form 52. If the buyer 24or the seller 22 selects an agent who has not subscribed to the system10 and is therefore not authorized to use the system 10, the buyer 24 orseller 22 will be informed and options given. It is obviously desirablefor the buyer 24 or the seller 22 that the agent enroll (i.e.,subscribe) into the system 10.

Referring now to FIG. 6 an agent registration flowchart 100 is shown. Ifthe agent is not in the database 16, he or she will be guided tocomplete an agent registration form 102 on line and will receiveconfirmation thereof. The privacy policy is stated to both the agent 20and the client (22, 24) during registration so as to ensure a properunderstanding and agreement of the conditions necessary for use of thesystem 10.

If the agent is properly registered, he or she will be given access toan agent briefcase series of features, as is described in greater detailhereinafter.

The flowcharts periodically include the letters “CO” and the name“CleanOffer”. These refer to the name of a business entity thatadministers the instant system 10.

Referring now to FIG. 7, a buyer/seller briefcase flowchart 150 isshown. The buyer or seller 22, 24 are able to update their account 152including selecting a new agent 154, if they wish.

Frequently asked questions 156 are answered and they can learn moreabout the services that are available for their use in a “learn more”158 subroutine.

The buyer 24 and seller 22 are guided to provide the necessaryinformation so that they may receive e-mail updates 160. These e-mailupdates 160 may include changes in the status of favorite types ofproperties as well as any other type of information that the agent 18,20 desires to share with them.

A “my searches” subroutine 162 (see flowchart my searches 200 in FIG. 8)allows the buyer 24 or seller 22 to search various parameters. Forexample, the buyer 24 may search various property listings 202 lookingfor prospective homes to buy. He may find property details 204 and savethese property listings 202 in another file, entitled “my favorites”164.

The my favorites 164 subroutine and resultant file is updated by thebuyer 24 to include those property listings 202 that he is mostinterested in. Accordingly, he can receive e-mail updates 160 as tochanges occurring in the status of any of the favorite properties 164.This would apprise him (in a most timely manner) of a change in price,for example. He, being among the first to know of the change, may thenelect to make a timely offer to purchase based on a new lower askingprice, for example.

Referring now also to FIG. 9 for a detailed accounting of the myfavorites subroutine 164. As is shown, the buyer 24 is able to alsotrack incidental data as desired that appertains to the criteria forestablishing his favorite properties. City and school reports 180 aswell as area market conditions 182 (number of homes in escrow ascompared to the number for sale) may also be viewed. There is no limitas to the amount of incidental information that the system 10 caninclude and associate with any given property.

The buyer 24 can elect to delete previous favorite properties 184 ifthey go into escrow (or if they actually close) or if, for whateverreason, his criteria change and he no longer is interested in trackingany of them.

Referring now to FIG. 10, a property details flowchart 250 is shown.After a successful search for a property based on a given set ofcriteria (see FIG. 11) the various property details are provided forscrutiny. Agent or client may also name and save any number of searchesin order to easily search the same criteria again. They may also electto receive email alerts should new listings become available that meettheir search criteria.

A “map it” 252 feature is provided and allows the client to view thelocation of the property.

A mortgage calculator 254 allows the client to determine what a mortgagepayment would be based on a given sales price, down payment, andinterest rate. Various other closing costs are factored into thecalculation, as desired.

The client (i.e., the buyer 24) or agent can see the property to viewhis favorites 164 as well as view if comparable properties 256 existthat have been sold. The comparable properties 256 file is provided onlyby the listing agent 18 specifically for the property for sale that isof concern (i.e., which has been listed by the listing agent 18).

Clearly, it is in the interest of the listing agent 18 to providecomparable properties 256 along with the listing agent's commentsregarding these comparable properties 256 that have sold for acomparable amount, and preferably for an even greater amount, than thelisted property, so as to help to convince the prospective buyer 24 thatthe property he is interested in is fairly priced. This feature willencourage the buyer 24 to submit an offer to purchase the listedproperty. Accordingly, agents 18, 20 will appreciate as a benefit of thesystem 10 its ability to provide comparable properties 256 data to thebuyer 24 that can, in turn, help encourage the sale of the listedproperty to the buyer 24.

Also, if any report 258 that relates to any relevant area of the listedproperty are available, the buyer 24 can view them as well.

It is noted that listed properties include MLS properties. Accordingly,the MLS properties for sale data is entered into the database 16 throughany number of ways, including the electronic transfer of MLS files,entry by data specialists, and by listing agents 18.

Referring to FIG. 11, a search flowchart 300 is shown. The searchflowchart 300 may be used by buyers 24, sellers 22, or agents 18, 20.The results obtained are based on the files in the database 16 and on aset of search criteria 302 that is entered.

The system 10 can be tailored to search for any criteria or set ofparameters, as desired. For example, properties that cost less than amaximum threshold or properties that fall within a given price range maybe searched for. Similarly, the search criteria may include the numberof bedrooms, bathrooms, square footage, garage or laundry facilities, orany other parameter that is available in the database 16 and is desired.

The search criteria 302 are saved. Essential search criteria are notlikely to change too frequently. Accordingly, it is advantageous to savethe search criteria 302 to facilitate performing subsequent searches.The need for additional input may be lessened if the search criteria 302are saved.

Referring momentarily to FIG. 12, a new matches 350 flowchart is shownthat correlates those properties that match with the search criteria302.

Referring now to FIG. 13, an agent briefcase flowchart 400 is shown. Itis important to note that the agent briefcase 400 includes thefunctionality level 402 of the buyer/seller briefcase 150 (see FIG. 7).As such the agent 18, 20 may view the favorites files 164 of his clients(but he may not change them, unlike the client).

The agent 18, 20 may also view the searches 162 file of his clients toreview the types of searches his clients have recently accomplished. Theclient (buyer or seller 24, 22) does not know that the agent 18, 20 isable to view these files 164, 162.

The agent 18, 20 is able to verify the types of properties that arereally of interest to his clients by viewing the searches 162 and thefavorite properties 164 files of his clients. If a discrepancy betweenthe stated wishes of the client and the properties the client appears tohave an interest in is detected, the agent 18, 20 can respondaccordingly.

The agent 18, 20 may respond by showing the client properties that aresimilar to those in the client's favorite properties file 164 or bydiscussing the matter further with his client. Accordingly, the agent18, 20 is provided with an optimum method of showing to hisbuyer-clients 24 the types of properties that they are really interestedin purchasing. This maximizes the chances that a sale will occur as aresult which, in turn, makes the system 10 especially valuable to theagent 18, 20.

The agent 18, 20 is able to do considerably more while having access tothe system 10. The agent 18, 20 can view a file of his clients 404 (seeFIG. 17 to gain an overview or to select a particular client for furtherinquiry), can post or make edits to upcoming MLS listing 406 (see FIG.16), can subscribe (or renew his subscription) to services 408, and hecan invite a client 410 of his to log into (i.e., to join) the system10.

The agent 18, 20 can also make avail of specialized services that wereheretofore time consuming and difficult to arrange. For example, theagent 18, 20 can readily contact an alternate service provider, forexample Webvan 412 for promotional services. Webvan 412 can cater anopen house, for example or the agent 18, 20 can even subscribe tovirtual reality types of property tours 414, such as are offered by IPIXtours.

The listing agent 18 alone can post comparable properties 416 that havesold which the listing agent 18 wishes to accompany (i.e., attach to) aproperty that he has listed with the system 10. The prospective buyers24 of other agents 20 may then view the comparable properties 416.

As was mentioned hereinabove, the comparable properties file 416 (seereference numeral 256, FIG. 10) can be viewed by clients as well as byagents 20. This is because agents 18, 20, in general, even those agents20 that have not listed the property, are able to enjoy the buyer/sellerfunctionality 402 level of the system 10.

Listing agents 18 may also access a listing reports subroutine 418 (seealso FIG. 14) in which they can select a listing for details 420, selecta listing for reports 422, select a listing competition report 424 thatshows comparable properties and see who (i.e., what other agents 20 andtheir clients) have viewed and saved the properties 426 that the listingagent 18 has posted with the system 10.

This is valuable in determining the relative activity appertaining toany given listed MLS property that the listing agent 18 has posted.Furthermore, the listing agent 18 may wish to share (i.e., to e-mail)this information to his seller-client 22 (i.e., the person that haslisted the property with the listing agent 18).

The seller 22 will feel well served by receipt of activity that is sentto him by the listing agent 18. Furthermore, the listing agent 18 isfreed of having to determine, or worse yet guess, at the level ofactivity and try to answer the questions of the seller 22 in thisregard. An objective compilation of activity regarding any listedproperty is provided by the system 10.

Both the listing agent 18 and the non-listing agent 20 are able to viewthe file of reports or disclosures 428 that relate to any givenproperty. Refer also to FIG. 15 for details as to how the listing agent18 only may submit the report by facsimile to the system 10.

The disclosures 428 file will include a listing of any property defectsand the like. Obviously, the seller 22 will not want clients (i.e.,other buyers 24 or other sellers [not shown]) to view this information.The law requires that such a disclosure be made to the prospective buyer24. The seller 22 will normally rely upon the discretion of the agents18, 20 to access this information and to only share it with appropriateprospective buyers 24.

The listing agent 18 need only supply this information to the system 10once. Other agents 20 are then able to access it and to disseminate itas required. This lessens the burden of the listing agent 18, which inturn further encourages agents 18, 20 to list properties with and tootherwise utilize the system 10.

Referring now to FIG. 16, the detailed flowchart as to how listingagents 18 can post to the system 10 upcoming MLS property listings in atimely manner or make edits to existing postings of upcoming properties.

This information is not generally made available to buyers 24 or sellers22 but it is available to both listing agents 18 as well as non-listingagents 20. The agents 18, 20 can search for properties, includingupcoming properties, that match the needs of their prospective buyerclients 24 and the agents 18, 20 may, themselves, share this informationwith their selected clients 24, in particular those clients 24 whodesire to purchase the types of property that are soon going to belisted with the MLS.

It is important to note that the sellers of these upcoming propertieshave agreed to use the MLS in order to maximize the chances for sellingtheir properties. For various reasons, a seller or agent may not yet beready to put a property in the MLS (i.e., the house is not ready, etc.).

Referring now to FIG. 17, the agent 18, 20 may fetch from the database16 files of all of his clients (that have logged onto the system 10).

The agent 18, 20 may use these subroutines to duplicate thefunctionality of the buyer/seller briefcase 150 in that the agent 18, 20may view the saved searches of a particular client, view any recentactivity by the client, view the favorites files of the client, or sende-mail to the client, for example, a property defects report to theprospective buyer 24.

The agent 18, 20 may also deny access to the system 10 (i.e., to thesite) to certain clients at his discretion, for example, if they are nolonger the client of the agent 18, 20. The client 22, 24 would then haveto establish a relationship with another authorized agent in order tocontinue having access to the features of the system 10.

When the term “agent” is used, it is to be understood that this termrefers to any type of a real estate agent including real estate brokers.

Operation:

In use, all data, including property descriptions and relatedinformation is entered into the database 16 by agents 18, 20 and, as wasmentioned hereinabove, by other data entry and computer specialists (notshown). Agent 18, information and client 22, 24 information isautomatically captured as they log into the system 10.

To gain access, agents 18, 20 must furnish all necessary information andpay for a term of subscription to the services provided. The agents 18,20 must agree to the terms and conditions of use as are indicated onvarious “screens” that are presented to them on their own computer. They“click” on certain icons to signal their agreement in order to completethe initial log on procedure. They also select a password that matcheswith their name and is needed in order for them to later log on and togain access to the system 10 providing, of course, that theirsubscription is still current or that they are still within a graceperiod.

During normal login, agents 18, 20 need only enter their name andpassword in order to gain access to all of the system 10 features andservices. Once they have subscribed, the names of agents 18, 20 willappear on the data base 16 for clients 22, 24 to choose amongst as theclients 22, 24 select an agent with whom to establish a workingrelationship.

Both buyers 24 and sellers 22, in order to gain access to the system 10,must furnish all necessary information and select an authorized agent(i.e., one who is current in their membership subscription status) withwhom they will work. The buyer 24 or seller 22 must first commit to workwith that agent whom they have selected (identified by either referencenumeral 18 or 20) by clicking on certain icons on a “commitment screen”.

The commitment, while not necessarily legally binding, neverthelessestablishes a working relationship between the client 22, 24 and theagent 18, 20. The agent 18, 20 is, of course, notified by the system 10whenever a new client 22, 24 elects and establishes a relationship withhim or her.

Buyers 24 and sellers 22 must also agree to the terms and conditions ofuse that are also presented to them. They “click” on certain icons tosignal their agreement and complete their initial log on. They also willselect a password that must match their name in order for them to laterlog on and gain access to the system 10.

After having selected an agent 18, 20 to work with and after havingcompleted their initial log in, both buyers 24 or sellers 22 need onlyenter their name and password in order to log on thereafter.

Of course, for both agents 18, 20 as well as for buyers 24 and sellers22 in order to log onto the system 10 over the Internet 12, it isnecessary for them first to enter an address (i.e., “URL”) that willallow them to access the server 14 of the system 10, as is well known inthe Internet and computer-related arts.

The invention has been shown, described, and illustrated in substantialdetail with reference to the presently preferred embodiment. It will beunderstood by those skilled in this art that other and further changesand modifications may be made without departing from the spirit andscope of the invention which is defined by the claims appended hereto.

1. A real estate information exchange process and system, comprising:(a) a database that is accessible by connection to an Internet network;(b) means for sharing MLS property information between a first realestate agent and a client; and (c) wherein said system is adapted tomaintain a file of favorite properties that are selected by said client.2. The real estate information exchange process and system of claim 1wherein said system provides an automatic update to said clientregarding a change in status of any of said favorite properties.
 3. Thereal estate information exchange process and system of claim 2 whereinsaid automatic update occurs as a result of a change in an asking priceor a change in availability of said any of said favorite properties. 4.The real estate information exchange process and system of claim 1wherein said system maintains a record of any property that has beenviewed by said client and which has been selected by said client forinclusion in said favorite properties file, and wherein said first agentis able to view a listing that is created by said system and providedfor viewing to said first agent of at least some of the properties ofsaid favorite properties file that have been recently viewed by saidclient.
 5. The real estate information exchange process and system ofclaim 1 wherein said first agent is able to view any of the propertiesof said favorite properties file of said client.
 6. The real estateinformation exchange process and system of claim 1 wherein said systemmaintains a record of properties that have been viewed by said clientand wherein said first agent is able to view a listing that is createdby said system and provided to said first agent of at least some of theproperties that have been viewed by said client.
 7. The real estateinformation exchange process and system of claim 1 wherein said clientcan add additional properties to said favorite properties file or deletepreviously added properties from said favorite properties file andwherein said client can recall said favorite properties file from saiddatabase for subsequent viewing.
 8. The real estate information exchangeprocess and system of claim 1 wherein said system maintains a record ofat least one property that is for sale and which has been recentlyviewed by said client and wherein said first agent is able to view saidrecord.
 9. The real estate information exchange process and system ofclaim 3 wherein said change in availability includes a placement of saidproperty back on a listing of properties that are for sale.
 10. The realestate information exchange process and system of claim 1 includingmeans for sharing MLS property information between said first realestate agent and a second real estate agent; and wherein said client isprovided access to said system subsequent to said client electing towork with said first real estate agent and wherein said client mustfirst agree to have said first real estate agent represent said clientby accepting an online Client-Commitment that is provided over saidInternet to said client and wherein said client must fully complete andagree to said Client-Commitment prior to an enabling of said means forsharing MLS property information between said first real estate agentand said client.
 11. The real estate information exchange process andsystem of claim 1 wherein said client must first register with an ID anda password to gain access to said MLS information.
 12. A real estateinformation exchange process and system, comprising: (a) a database thatis accessible by connection to an Internet network; (b) means forsharing MLS property information between a real estate agent and aclient; and (c) wherein said system is able to save a criteria used bysaid client when said client searches for properties that are for sale.13. The real estate information exchange process and system of claim 12wherein said agent is able to view said criteria.
 14. A real estateinformation exchange process and system, comprising: (a) a database thatis accessible by connection to an Internet network; (b) means forsharing MLS property information between a real estate agent and aclient; and (c) wherein said system includes means for registering saidclient sufficient to provide said client with access to said MLSproperty information, and including means for notifying said agentwhenever said client subsequently registers to use said system.
 15. Thereal estate information exchange process and system of claim 14 whereinsaid means for notifying said agent whenever said client subsequentlyregisters includes a transmittal by said system of an email to saidagent, said email including an indication that identifies said client ascurrently communicating over said Internet with said system.
 16. A realestate information exchange process and system, comprising: (a) adatabase that is accessible by connection to an Internet network; (b)means for sharing MLS property information between a real estate agentand a client; and (c) wherein said system includes means for permittingsaid client to elect to work with said agent and wherein said systemincludes means for notifying said agent that said client has elected towork with said agent subsequent to said client having elected to workwith said agent.
 17. The real estate information exchange process andsystem of claim 16 wherein said means for notifying said agent that saidclient has elected to work with said agent includes a transmittal bysaid system of an email to said agent.
 18. A real estate informationexchange process and system, comprising: (a) a database that isaccessible by connection to an Internet network; (b) means for sharingMLS property information between a real estate agent and other people;and (c) including a listing agent and wherein said listing agent hasprovided a listing of at least one property that includes a relevantfile of said MLS property information and wherein said system is adaptedto provide to said listing agent a report that appertains to saidlisting.
 19. The real estate information exchange process and system ofclaim 18 wherein said system is adapted to provide to said listing agenta report that indicates how many times said listing of said at least oneproperty was saved to a file of favorite properties that was selected byany of said other people.
 20. The real estate information exchangeprocess and system of claim 18 wherein said system is adapted to providesaid listing agent with the identity of said agent who is representingat least one of said other people.
 21. The real estate informationexchange process and system of claim 18 wherein said report indicateshow many times said listing of said at least one property was viewedover said Internet by said other people.
 22. The real estate informationexchange process and system of claim 18 wherein said system is adaptedto save said listing to a file of favorite properties and wherein eachproperty in said file of favorite properties is selected by said agentand wherein said report to said listing agent includes an indicationthat said listing is included in said file of favorite properties.
 23. Areal estate information exchange process and system, comprising: (a) adatabase that is accessible by connection to an Internet network; (b)means for sharing MLS property information between a first real estateagent and a client; and (c) wherein said first agent is able transmit byfacsimile to said system a disclosure of property defects, and whereinsaid disclosure of property defects is available for viewing by a secondreal estate agent.
 24. (canceled)
 25. (canceled)
 26. (canceled) 27.(canceled)
 28. (canceled)
 29. (canceled)
 30. (canceled)
 31. (canceled)32. (canceled)
 33. (canceled)